The United Bank for Africa (UBA) has announced a bold initiative in collaboration with the Bank of Industry (BOI) to empower female entrepreneurs and strengthen financial inclusion in Nigeria. Under the scheme, a dedicated ₦5 billion fund has been earmarked to support women-owned micro, small, and medium enterprises (MSMEs), positioning the program as one of the largest targeted financing drives for women in business across the country. The fund is part of UBA’s broader commitment to gender equity and inclusive growth, reflecting the bank’s recognition of the critical role women play in driving economic activity and job creation. By providing…
Author: Temitope N.
The Kaduna State Government has announced a comprehensive update of its tax laws as part of efforts to align with international best practices and strengthen the state’s fiscal framework. The move, according to officials, is aimed at creating a transparent, efficient, and investor-friendly tax system that will boost internally generated revenue (IGR) while supporting sustainable development. Governor Uba Sani, in a statement issued through his spokesperson, explained that the reforms were necessary to modernize Kaduna’s tax regime, eliminate outdated provisions, and ensure consistency with evolving global economic realities. He said the updated laws will help strike a balance between enhancing…
The Federal Government has announced the commencement of a comprehensive review of the country’s revenue allocation formula, a process aimed at addressing long-standing concerns over fiscal imbalance and improving equitable distribution of resources across the three tiers of government. The exercise, according to officials, is expected to take into account current economic realities, the revenue needs of states and local governments, and the federal government’s obligations, with the goal of creating a more sustainable fiscal framework for national development. The review comes amid repeated calls by state governors, local government authorities, and civil society organisations for a more just and…
The Centre for the Promotion of Private Enterprise (CPPE) has cautioned that the recent moderation in Nigeria’s headline inflation could be undermined by persistent hikes in food prices, which continue to exert pressure on household incomes and worsen poverty levels. Director of CPPE, Dr. Muda Yusuf, made this known in a statement on Friday, noting that while the National Bureau of Statistics (NBS) reported a slowdown in headline inflation to 21.88 percent in July, the underlying reality remains challenging for many Nigerians as food remains the dominant component of household spending. According to Yusuf, food inflation has remained sticky and…
The Dangote Group has announced that global shipping disruptions have delayed the arrival of its compressed natural gas (CNG) trucks, slowing down its ambitious plan to roll out 3,550 vehicles to support Nigeria’s energy transition and reduce reliance on petrol and diesel. Out of the total order, only 450 trucks have so far arrived in the country, with the remainder still stranded in transit due to ongoing global logistics challenges. The trucks, manufactured by Chinese partners, are a key component of Dangote’s broader push to deepen CNG adoption in Nigeria as part of efforts to lower costs, cut emissions, and…
The Office of the Surveyor-General of the Federation (OSGoF) has raised concerns over the growing number of illegal structures springing up along Nigeria’s shorelines, warning that such developments not only contravene existing laws but also threaten the environment, public safety, and national infrastructure. Surveyor-General of the Federation, Abuduganiyu Adeyemi Adebomehin, said his office has completed an extensive mapping exercise that identified several unapproved constructions along coastal corridors in Lagos, Rivers, Delta, Cross River, and other littoral states. According to him, these structures — many of them private estates, hotels, and makeshift commercial hubs — were erected without proper approvals and…
The Nigerian Institute of Town Planners (NITP) has inaugurated a high-powered panel to oversee the effective execution of planning laws across the country, in what is seen as a critical step towards promoting sustainable urban development and addressing Nigeria’s mounting challenges in city growth, infrastructure provision, and land use management. The panel, according to the NITP leadership, is tasked with developing practical frameworks to guide the enforcement of existing planning regulations, ensure compliance by stakeholders, and strengthen collaboration between professional bodies, state governments, and federal authorities. Speaking during the unveiling in Abuja, NITP President, Nathaniel Atebije, said the move was…
Nigeria has been ranked 8th in Africa and 98th globally on the United Nations’ industrialisation index, according to the latest report assessing the performance of nations in promoting industrial growth and economic diversification. The ranking, released by the United Nations Industrial Development Organization (UNIDO), measures the extent to which countries are advancing in areas such as manufacturing value addition, industrial output, competitiveness, and contribution of industry to national economic growth. According to the report, Nigeria’s position reflects modest improvements in recent years but also underscores the challenges confronting Africa’s largest economy in achieving sustained industrial transformation. Despite its size and…
The Kano State Government has approved the sum of N40.8 billion for the construction and rehabilitation of roads across different parts of the state, in a move aimed at addressing the infrastructure deficit and boosting economic activities. Governor Abba Kabir Yusuf, who disclosed the development after the State Executive Council meeting, said the projects are part of his administration’s renewed effort to improve urban and rural road networks, reduce travel time, and create jobs for thousands of residents. According to him, road infrastructure remains one of the central pillars of his government’s development agenda, as it directly impacts trade, agriculture,…
The Federal Government has announced the appointment of Opeyemi Agbaje as the new Chairman of the National Pension Commission (PenCom), a move that comes after weeks of pressure from the Nigeria Labour Congress (NLC). The appointment is expected to bring stability to the commission and restore confidence in the management of the country’s pension system. President Bola Tinubu approved Agbaje’s appointment following recommendations from key stakeholders in the finance and labour sectors. The decision comes against the backdrop of a seven-day ultimatum issued by the NLC, which had accused the government of failing to comply with the provisions of the…
The Nigerian Independent System Operator (NISO) has commended the Kano Electricity Distribution Company (Kano DisCo) for attaining a 100% market remittance rate, describing the achievement as a milestone in the electricity industry’s quest for efficiency, transparency, and financial discipline. The commendation was issued during a recent industry review session, where NISO acknowledged Kano DisCo’s outstanding performance in meeting its full financial obligations to the Nigerian Electricity Market. The recognition, according to stakeholders, highlights the potential of distribution companies to operate sustainably and responsibly, despite the daunting challenges confronting the power sector. The electricity market in Nigeria is characterised by liquidity…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reaffirmed its commitment to prioritising frontier basin exploration and strengthening the competitive licensing process as part of efforts to drive sustainable growth in the nation’s oil and gas sector. The move comes as Nigeria intensifies strategies to unlock new hydrocarbon reserves and attract foreign and local investments amid global energy transition concerns. The initiative, according to the regulator, is aimed at boosting reserves, ensuring energy security, and increasing the nation’s revenue base. NUPRC Chief Executive, Gbenga Komolafe, who made this known at an industry stakeholders’ session in Abuja, explained that the commission…
The Infrastructure Concession Regulatory Commission (ICRC) has introduced fresh guidelines for Public-Private Partnership (PPP) projects in Nigeria, while also decentralising approval powers to Ministries, Departments, and Agencies (MDAs) to fast-track infrastructural development. The new framework, announced in Abuja on Friday, is aimed at deepening transparency, efficiency, and accountability in the execution of PPP arrangements across the country. It also seeks to reduce bureaucratic bottlenecks that have historically delayed the approval and implementation of major projects. According to the ICRC, the decision to decentralise certain approval powers will empower MDAs to play a more active role in designing, initiating, and managing…
The National Drug Law Enforcement Agency (NDLEA) has recorded another major breakthrough in its ongoing war against narcotics trafficking with the arrest of a notorious drug kingpin from Delta State and the seizure of opioids valued at ₦7.8 billion at the Onne Port in Rivers State. According to NDLEA authorities, the suspect, identified as a high-profile trafficker with vast links to international drug cartels, was intercepted following months of painstaking intelligence gathering and surveillance. The operation, described as one of the most significant in recent years, highlights the growing menace of illicit drug smuggling into Nigeria and the agency’s determination…
The Nigeria Customs Service (NCS), Kirikiri Lighter Terminal (KLT) Command, has announced that it generated a total revenue of ₦89.2 billion in the first half of 2025, marking a significant increase compared to the same period in the previous year. The impressive revenue growth underscores the command’s ongoing reforms, enhanced operational efficiency, and commitment to supporting the Federal Government’s non-oil revenue drive. According to the Command’s Area Controller, Comptroller Eghosa Edelduok, the surge in revenue was driven by tighter compliance enforcement, improved cargo clearance processes, and the deployment of advanced technologies that have reduced leakages and ensured greater transparency in…
The Federal Government has deducted a total of ₦256.5 billion from the Federation Account during the first half of 2025 to fund critical gas infrastructure projects across the country. The deductions were made under the statutory Gas Infrastructure Fund (GIF), which was created to support the development, expansion, and maintenance of gas pipelines, processing plants, and related infrastructure aimed at boosting Nigeria’s energy transition and industrial growth. According to official data obtained from the Federation Accounts Allocation Committee (FAAC) reports, the deductions were carried out between January and June 2025. Analysts note that these withdrawals highlight the government’s increasing focus…
The Nigerian Communications Commission (NCC) has disclosed plans to roll out fresh measures aimed at protecting telecommunications infrastructure across the country, as part of efforts to strengthen service quality, ensure network resilience, and safeguard billions of naira worth of investments in the sector. The development comes against a backdrop of recurring vandalism, theft, and community interference, which continue to undermine the smooth operation of telecom services nationwide. According to the Commission, telecom facilities such as base transceiver stations, optic fibre cables, power generators, and transmission equipment remain critical to Nigeria’s communication backbone. However, persistent challenges including sabotage, fibre cuts, theft…
Nigeria’s former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Ade Dosunmu, has reiterated that the blue economy represents one of the most powerful and sustainable pathways for Nigeria’s economic diversification. Speaking at a maritime stakeholders’ forum in Lagos, Dosunmu urged the government to intensify its commitment to harnessing the vast opportunities embedded in the country’s coastal and marine resources to boost revenue, create jobs, and strengthen long-term economic stability. He explained that Nigeria, with a coastline of over 850 kilometres and an exclusive economic zone measuring about 200 nautical miles, possesses enormous potential to build a…
JMG, a leading energy solutions provider in Nigeria, has announced that its recent deployment of solar power has enabled the company to save an estimated N40 million in diesel costs. The development highlights the growing shift among businesses towards renewable energy as firms continue to grapple with high fuel costs and unreliable power supply across the country. According to the company, the move to integrate solar energy into its operations was driven by both economic and environmental considerations. Nigeria’s prolonged reliance on diesel generators has placed heavy financial burdens on businesses, with volatile fuel prices and rising operational costs making…
Nigeria’s debt obligations to the International Development Association (IDA), a subsidiary of the World Bank Group that provides concessional loans and grants to the world’s poorest countries, have climbed to $18.2 billion, according to the latest financial report. The figure underscores the country’s growing reliance on external borrowing to finance its development agenda amid pressing fiscal challenges. The IDA, often described as the World Bank’s concessional arm, supports developing nations with loans carrying low-interest rates and extended repayment periods, as well as grants for projects in critical sectors such as health, education, agriculture, and infrastructure. Nigeria, Africa’s largest economy, has…